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CNBC
Dec 11, 2012 4:00pm EST
, rise above d.c." >> well, the stock market riding the ups and doups of the fiscal cliff negotiations. roger altman is former treasury official under president clinton. he says he's optimistic that a deal is coming. the question, of course, is when. joining me from new york is roger altman. always nice to have you on the program. let welcome back. >> hi, how are you? >> you think a chance of getting a deal will increase and harry reid says he's pessimistic that had t will get done before christmas. what do you think? >> the financial markets themselves are becoming more optimistic, and i think that's a strong signal. second, i think the atmospherics, and senator reid's statement is just part of that, are suggesting that there's some movement and some progress, and thirdly, i'm particularly impressed with what the business community has been doing. it's really engaged and rolled its sleeves up and got involved in this. you might have seen the statement about an hour ago that the business roundtable released, and the business community wants a solution. they want a balanced solution and increa
CNBC
Dec 5, 2012 7:00pm EST
. but at the end of the day, if we do fall over the fiscal cliff, if taxes go december 31st, will the republican party be blamed? >> absolutely. right now, people aren't convinced that either the president or congressional republicans are serious about negotiating. but they're a lot more willing to believe that the president is negotiating in good faith. >> and let me ask you. is the republican party therefore becoming the party of the rich, defending the top tax brackets, and is obama becoming the party of the middle class? >> absolutely. and larry, the reason the republicans are in this fix right now is because they think these discussions and negotiations are about deficit reduction. president obama thinks they're about fairness. most americans, solid majority, want to see taxes raised on those upper income americans, even though only 19% think it will have much of an impact on deficits. it's not about the fiscal crisis. it's about fairness in the minds of most americans. president obama understands that and republicans don't. >> is that because in your polling day, i always thought that people favored spending reduction and favored smaller government. this may be a mistake that the gop has not emphasized spending cuts. >> they certainly do. most
CNBC
Dec 5, 2012 1:00pm EST
fan. >>> another option on the fiscal cliff negotiating table being considered is raising the age when seniors can start receiving medicare to help ease our debt burden. what do you think, bob pisani? raise the age. is it a good idea? >> of course it is going to help us. we should consider that. that's the most likely thing on the cable. what i'm worried about here, it is very easy to say we'll save a bunch of money, pick a number, $6 billion or whatever the number if we take it off. where do the people go? those 65 to 67-year-olds will go into the private system where these exchanges we're going to have. they're likely going to pay more money there and the premiums are going to go up because of all those seniors. so it isn't free! that's my point. it is not just the government saves money, other people, those seniors are going to pay to be in those exchanges. >> there's no free lunch. >> nothing. >> i think there is good news that with this administration we don't have to worry about having another debate about privatizing social security. you and i, bob, are probably not going t
CNBC
Dec 11, 2012 3:00pm EST
our special coverage. stocks rallying on the on the missile that perhaps we are nearing a fiscal cliff deal. coming up we'll, find out from key lawmakers in the fiscal cliff negotiations how we can actually get a deal done before the deadline. representative chris van hollen, lynn jenkins and javier becerra as well as sore orrin hatch with us. we'll hear from former treasury secretary altman and jeff greenfield. bill? >> stocks are trading off the highs of the day with less than an hour to go. final hour, really from the get-go. optimism about the cliff talks and senator harry reid made some comments this afternoon that put a damper on that real. we've lost about 30 points. in that time. up 74 on the dow at 13,244. the nasdaq is doing well today, up 32 points. more than a 1% gain, although it is off its highs of the day at 3019, and the s&p 500 index is 8 plus points at 1426. the word on the street is because of the fiscal cliff, some investors are actually selling the winners, the winning stocks, and they are holding on to the poor performers, the opposite what have they have been doing the last few years. maria? >> makes a lot of sense given the fact that tax les go hig
CNBC
Dec 11, 2012 12:00pm EST
washington holding lawmakers' feet to the fire on the fiscal cliff. it had been quite a busy morning. here's what we now know. we're expecting house speaker boehner to give us an update on the fiscal cliff negotiations at any minute. in have been sberp rating the previous silence from the administration and speaker's office as a good sign real progress was being made. from what we have heard from our guests so far this morning there's a general sense of optimism a deal will be reached. perhaps not in a forum that's widely expected. that optimism seemingly reflected in the markets. we are up more than 100 point ossen the dow. >> i'm maria bartiromo along with brian sullivan. representative patrick mchenry, republican from north carolina. good to have you on the program. thanks for joining us. let's talk about where we are. what would you say? where are we in terms of a deal? >> not as bad as last week and not as bad as the week before. not really in a great position to get things done. the president's more interested in campaigning around the country and telling people to send twitter messages to me on my twitter account. i haven't really seen much. we haven't seen much in the way of phone calls either.
CNBC
Dec 10, 2012 1:00pm EST
hope hooer ththat soe jobs get to stay in tact. >> ty, over to you. >> the fiscal cliff negotiations are getting very little attention. we will drill down on the estate tax levy later in the hour. >>> why is jc penny stock higher today? and apple shares getting cut. are these the right call? well analyze this and more after this. she keeps you guessing. it's part of what you love about her. but your erectile dysfunction - you know, that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for chest pain, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess with cialis. side effects may include headache, upset stomach, delayed backache or muscle ache
CNBC
Dec 4, 2012 7:00pm EST
come. our commitment has never been stronger. >> regardless of how fiscal cliff negotiations work out, for the first time ever, the irs will impose a new income surtax on all investment gains including your home. 159 pages of rules for one tax. this cannot be good. here now is the author of the book democracy denied. 159 pages. am i right it is going to include gains on your home? in fact this rule looks like it is going to cover more ground than originally thought. this surtax? >> well, you still have an exclusion on the tail of a primary residence. above that, it would be subject to this surtax. independent income. the rules are surrising. all rental income, you are going to have to pay the surtax on that rental income. depending on what happens with fiscal inclusive, we could be looking at 43.4%. all of this stuff, income is going to go up. there is a 0.9% payroll tax for people above $250,000. explain this to me. these investments aren't they already tax ee eed once? when you put it into corporate assets, you put it into corporate stock. this is an additional layer of tax on a
CNBC
Dec 5, 2012 3:00pm EST
, turn to us. wells fargo advisors. >>> welcome back. this very public negotiation on the fiscal cliff still does not seem to be closing in on a deal. the white house out in campaign style events regularly, making multiple media appearances, kle including timothy geithner right here in 25 minutes. >> but would things be done faster if it was done privately? in his latest column, jeff goldfor a compares u.s. budget talks to merger proxy battles. jeff joins us to explain about that. plus, we have bob from jones day who specializes in wall street deal making. jeff, it is ammo on wall street to do things behind closed doors. you don't want word to get out on the negotiations. it gets too messy. >> right. i wouldn't advocate for a lot of people to do what wall street does. one thing you can say is they've helped facilitate thousands of mna deals this year. they've figured something out with these transactions. the deals that are most successful have the better chance of success are the ones that you negotiate behind closed doors, not the ones that turn into hostile battles and spill out int
CNBC
Dec 9, 2012 7:30pm EST
with the fiscal cliff negotiation. keep it here where wall street meets main street. i'll see you again next weekend. bp has paid over twenty-threebp billion dollarsnt to the gulf. to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger.
CNBC
Dec 11, 2012 6:00am EST
in asia, closed mixed today. investors waiting to see what comes out of the fiscal cliff negotiations and in europe, a choppy start to the trading day. investors are waiting for the results of greece's bond buyback program occurs. joe has some of the big corporate news and this one is actually a global corporate story. >> hsbc. we're talking about paying $1.9 billion in the money lawnering lapses. a brirchb lender admitting to a breakdown of controls, in a statement announcing a deferred payment. yesterday standard chartered agreed to pay $27 million agreeing that it violates sanctions against iran and two other international companies. >> if you're an international bank and you prael without getting into this kind of trouble? >> no. >> can you actually operate without money laundering? >> i'm just saying, if you're going to be in business in all these types of markets, isn't this going to happen? >> aren't there sxwier countries that would be probably -- that it would stead if you don't want any business tale. >> was there a fascination in this country about whether you want to indict th
CNBC
Dec 10, 2012 4:00pm EST
republicans about the fiscal cliff negotiations. >> all part of the road to the fiscal cliff we've been seeing now. what's the latest, eamon? >> to really push public opinion in his direction on the fiscal cliff talks. the president today making the argument that he's the guy in this debate that wants to lower american taxes. >> if congress doesn't act soon, meaning in the next few weeks, starting on january 1st, everybody's going to see their income taxes go up. it's true. y'all don't like that, huh? >> and you can tell how confident president barack obama knows how positive his polls are on his side of this issue. but on the game where he's campaigning publicly and negotiating privately. as you said meeting with john boehner at the white house yesterday. and clearly the president is meeting with republicans and then checking back with democrats. we see this pattern now a couple of times last week he met with or spoke to boehner. and then met with nancy pelosi, the democratic leader on capitol hill. today we're told he had a phone call on air force one from harry reid. presumably
CNBC
Dec 5, 2012 4:00pm EST
. we're just 26 days away from the fiscal cliff. steve liesman joins us now live from the treasury. he has an exclusive interview with one of the key negotiators at the white house, secretary of treasury timothy geithner. >> maria, thank you. i'm here with the secretary of treasury at a crucial time. thank you for joining us. >> thank you. >> speaker boehner has put forward a proposal which "usa today" says demonstrates more political courage the democrats have shown. the white house is saying today it's not even wor ty -- worthy of a response. what are we missing? >> i think we are making progress. they acknowledged they were prepapered to do $800 billion in higher taxes on part of the american economy. that's part of the balanced framework. that's definitely progress. what we need to see is have them acknowledge the rates go up. if they're willing to accept that and commit to that, then we think we could do something good for the economy. we can make the government use the taxpayers' money more efficiently, lock in some spending savings and do some long-term entitlement reforms to make sure americans feel like they can retire with dignity. >> i
CNBC
Dec 12, 2012 1:00pm EST
spending. that is of high importance in solving the fiscal cliff negotiations and in a longer term way bringing the country to a sustainable fiscal course. what specific changes to medicare or medicaid would you be willing to imbraes today right new that would slow the growth in our medical spenting? >> i'm not going to debate the specifics on television. i think that what the president is doing, is clear that he has indicated that we have to raise the tax rate. the tax rates, bush tax cuts, was temporary in nature. >> that's not what i asked. i asked what specific would you be willing to do to address what is clearly the number one thing that is going to blow the hole in not only the economy but federal spending, federal budget over the next generation. >> what we have to do is negotiate. everything should be on the table. i think the president indicated that everything would be on the table. the president indicated he is ready to talk about entitlements, et cetera. the other side said we can cannot raise tax hikes at all. we have to make sure that everything is on the table. if e
CNBC
Dec 6, 2012 4:00pm EST
on the fiscal cliff negotiations. john harwood with the details. over to you, john. >> maria, just wanted to bring you up to date on a development, which is the resumption of some staff level discussions between the congress, the speaker's office in particular, and the white house. we've been through a period where both sides, the principa s principals, the speaker and president have been striking tough lines in public, having made some initial moves towards cooperation, but word followed up no more meetings scheduled between the principals. wasn't that much going on staff to staff. that's changed today from yesterday. to you have some discussions resumed. i don't want to overplay the significance, but it is an encouraging sign for people who think that the ice had been beginning to crack around some of the positions, especially with the republicans on taxes. we may be looking for some forward movement. got to watch over the next day or so. >> this is good news, john. >> it is good news. it is an indication that we may be intensifying discussions that could lead to a deal. don't kn
CNBC
Dec 5, 2012 2:00pm EST
we've got to get a big development on the fiscal cliff negotiations. at this point we are still just a quarter way to a deal. eamon javers, though, some republicans, call them defectors, call them break-aways, call them independent thinkers, whatever they want, what's the latest here? >> what we've seen just within the past couple of hours is a new letter from some republicans saying they'd like to see all options on the table here. that's a sign that there is some willingness among republicans to have some negotiations. i'm talking to lawmakers here on the hill who say it probably strengthens speaker boehner's hand to go out and make a deal with the president. we've seen some rancor in the ranks on the right from the speaker dealing with sort of an insurrection yesterday. this might give him a bit of wiggle room for negotiations. i want to show you this video here. this is members of congress departing capitol hill today. they're heading off for the rest of the week. they are not in session anymore. no more votes, no more committee meetings. it is all negotiations behind scenes
CNBC
Dec 11, 2012 9:00am EST
leader during the fiscal cliff negotiations. and then we were joined by bob corker and bob conrad. corker said we need to focus more on entitlements now, and he will not sign any package that doesn't deal with entitlements at this point. conrad said more, not less, should be included in some sort of a big deal. by big deal, he means over $4 trillion. we are now just 20 days away from the fiscal cliff deadline. we continue to bring both sides of the aisle to sit down together. congressman sander levin is a ranking member of the house ways and means committee. and a republican from new jersey, the vice chairman of the house budget committee and a member of the house financial services committee. gentlemen, thank you both for being here. >> thank you. >> we just sat down with senators conrad and corker. they seem to agree on a lot of areas. one of those areas is they think we need to negotiate up from this point, not down from this point and cut some sort of a deal that is 4 trillion or greater when you add up the tax increases. congressman levin, would you agree with that, going up not down
CNBC
Dec 13, 2012 9:00am EST
the fiscal cliff. the speaker set to given a update out state of negotiations with the white house in two hours. we will bring brink that to you live t did the mark it's job to deal of what happened with ben bernanke's comments and now the target in terms of tying interest rates to unemployment, which is a very new and big development for the fed. >> cnbc is talking over and over again, 2 million jobs to be lost, not if but when we go over the cliff. ben bernanke is listening to what this network is saying, recognizing there is going to be a dram mat hillsborough county job loss if we go over the cliff that is force austerity, that is firing people. look at spain when they got serious. italy. it meant a lot of firings. he says i see what we are going to do follow these countries that have fiscal responsibility a lot of people are going to be fired. don't worry, i'm going to do my best. what what are you going to do to keep people employed? >> keeping the heat on congress, came up a number of times, of course energy the press conference that followed the fed announcement but unclear wh
CNBC
Dec 10, 2012 12:00pm EST
should do if we go over the fiscal cliff. but where do you invest if there is a debt deal? some smart strategies with your stock picks coming up. one area of those fiscal cliff negotiations that is getting very little attention but could have a major ramification for you and your kids is the estate tax. we will drill down on the future of the inheritance tax. and the other side of google, the internet giant slashing bills -- stashes, i should say, billions in tax shelters to avoid paying taxes. is that fair play or is it absolutely outrageous? we'll talk about that at 1:00 p.m. eastern time. now back to scott and the fast money "halftime report." >> over the weekend johnny manziel made history as the first freshman to win the heisman trophy and with a great nickname to go along with his great story it would seem as though the sky is the limit for the kid they call johnny football. our brian shactman is live in new york city with the texas a&m qb. brian? >> they call him johnny heisman now, too. only the fifth player ever in college football to throw for more than 3,000 yards and run for at least 1,000. johnny, thanks for joining us. first of all, how you holding up? >> not ba
CNBC
Dec 11, 2012 5:00pm EST
the after hours, it is interpreted as being a positive development in if fiscal cliff negotiations. >> and it was -- >> that's right. >> it was all day. at a point, you have to succumb to the reality that the people have information in hand, it's going to come to you after the fact. people get this stuff, it's a game of horse trading, as tim said. people are looking for resolution. the minute they get a whiff of it, this market is going higher. >> le whaf. >> i think that's right. it is a positive development. it is an indication they are inching towards a deal. but we have a long time to go before now and then and we might need a few more offers before we get there. nobody should think they are going to announce something tomorrow. as soon as i say they -- >> you'll get another leak. >> we are inching towards it here and at some point they're going to have a deal but this thing could blow up at any time, too. this is very tense stuff and a lot of people's political futures are riding on this. >> not to mention the country's. >> and that, too. >> eamon, thank you for the update. eamon jave
CNBC
Dec 12, 2012 9:00am EST
, speaker boehner expected to comment on the fiscal cliff negotiations at any moment. we'll bring you those comments live. >> a lot of fiscal cliff debate may not be about economics. one former adviser to presidential candidate mitt romney gives us his take. >> twitter's answer to insta gram. helping us see the big picture as well. >> let's take a closer look at what we can expect from the fed decision. steve liesman is in washington with the preview. >> are you excited about this, melissa is this. >> of course. >> you should be. there is a substantial change about to take place to the fed's balance sheet today. i'm not hearing much debate in the market. markets overwhelmingly expect the feds to announce today it will replace operation twist with a new program to purchase assets outright. that is, instead of swapping short-term assets for long-term ones, which didn't grow the balance sheet, it will now purchase just those long-term assets. printing money essentially. this will mean explosive growth in the feds' balance sheet. hee are the numbers. first, the federal reserve right now i
CNBC
Dec 10, 2012 6:00am EST
and speaker boehner meeting at the white house yesterday to talk about the fiscal cliff. neither commenting about the meeting. earlier this morning we spoke to erskine bowles, who is co-chairman of the president's deficit commission. here's what he had to say about the progress of the fiscal cliff negotiation. >> i think the atmospherics are getting so much better. we've kind of gotten out of the kabuki theater and we've gone to, you know, dancing the tango with, you know, those two guys. and any time you start to tango, you got a chance. 40% chance we'll actually get it done before the end of the year. probably a 25% chance we'll get it done right after the end of the year. and then there's that horrible 35% chance that we'll still go over the cliff and have pure chaos. but i think the chances of getting it done now are better. and i think that's what's key. >> have indicated a willingness to compromise. what's interesting there is he did say 40%, that's a little better, that the odds are we get something solved and don't go over the cliff. but he's still looking at a 1 in 3 shot that we end up going off the cliff. so it's that part in the middle that's kind of evened out a little bit. >> let's get to our guest host for more on the fiscal cliff negotiations. joining us now for the rest of the s
CNBC
Dec 6, 2012 9:00am EST
boehner and president obama speaking on the phone last night about the fiscal cliff. there still seems to be a freeze in the negotiation. >> there's nothing going on privately that's not going on the publicly. >> they've got to come with some specific revenue. they have refused to do that. >> we need that consensual break through. >> although the president seems obsessed on raising taxes for you. >> that is a bad strategy for america, it's a bad strategy for your businesses and it is not a game that i will play. >> is the administration prepared too go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the wealthiest 2%. remember it's only 2%. >> with just 25 days to go, the political satandoff could cost the u.s. millions of jobs. professor, good to have you back, good morning. >> good to be here, thanks. >> good read in the journal yesterday from you and if anybody needed to worry about this more, you invoke carter, you're talking about 1980. kind of scenarios if in fact we go over the cliff? >> yes, i can't stop thinking about that. you had a case in 1980 w
CNBC
Dec 6, 2012 6:00am EST
prepared to go over the fiscal cliff in. >> absolutely. >> see what larry summers thinks of the fiscal negotiations in washington. he'll rise above with becky and joe. maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. [ female announcer ] introducing u the latest coffee machine from nespresso. modular. intuitive. combines espresso and fresh milk. the new u. nespresso. what else? available at these fine retailers. i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. [ male announcer ] break from the holiday stress. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, p
CNBC
Dec 7, 2012 9:00am EST
not bad, it puts even more of a focus on the fiscal cliff negotiations because it becomes even more binding one would assume in terms of good or bad for the market, for the economy. >> kernen had a good point. does strength mean the economy could handle a cliff or is it so good you wouldn't want to tamper -- >> if i wanted to create a recession, what would i do? i would raise everybody's rates. i would cut the unemployment benefit. just trying to think of a theory of how i could cause a recession. i would cut back government spending quickly. >> i would raise interest rates to 20%. >> bernanke ought to join the -- look, i think this is what's going to happen. i think it's 50-50 we get a deal. no vacation. no legislation, no vacation. i think that when people get their paycheck at the end of january, they are going to be shocked at how much lower it is. i know these guys in washington, their paycheck isn't affected. i think when you get your paycheck, you're going to say i hate that. it is going to be that big. it's going to be very -- the takeout is going to be big. amt at the end o
CNBC
Dec 12, 2012 5:00pm EST
, an interruption in our obsession with the fiscal cliff negotiations. today was all about the fed. a rally was up 80 points on the dow at one time until midday when bernanke had his news conference and took all the wind out of the sales. down three points at 13,245. that does it for "the closing bell." >> "fast money" starts right now and i do believe maria is back tomorrow. >> she will be. see you tomorrow. >>> traders get what they wanted. >> if unemployment never goes below 6.5% again, we're going to have a quarter percent forever. >> so, now it's a race to see who can buy more lumber futures for printing currency between the japanese and the americans. >> but chairman bernanke is a buzz kill for stocks today. >> the asset purchases are a less well understood tool. we have -- we'll be learning over time about how every cautious they are, about what costs they may carry with them in terms of untended consequences. >> and we're back to worrying about a thelma and louise finish to the fiscal cliff. maybe that wouldn't presidentbeo so bad. >> when the government does things, it usuall
CNBC
Dec 13, 2012 4:00pm EST
any progress on the fiscal cliff negotiations. >> all right. all important events. thank you, gentlemen, appreciate your time tonight. >> thank you. >> see you soon. >>> up next, tick tock on the fiscal cliff. president obama and house speaker john boehner meeting at the white house just minutes from now. my thoughts on the talks, the fed, and that cliff hanger, right after this. let's give thanks - for an idea. a grand idea called america. the idea that if you work hard, if you have a dream, if you work with your neighbors... you can do most anything. this led to other ideas like liberty and rock 'n' roll. to free markets, free enterprise, and free refills. it put a man on the moon and a phone in your pocket. our country's gone through a lot over the centuries and a half. but this idea isn't fragile. when times get tough, it rallies us as one. every day, more people believe in the american idea and when they do, the dream comes true. we're grateful to be a part of it. wooohooo....hahaahahaha! oh...there you go. wooohooo....hahaahahaha! i'm gonna stand up to her! no you're no
CNBC
Dec 5, 2012 4:00am EST
washington standoff continuing. fiscal cliff negotiations appear to be going nowhere. today president obama will meet with members of the business round table. plus, on the economic calendar, the november adp report on employment is due at 8:15 eastern. u.s. equity futures at this hour are indicated higher. not much happened yesterday. it's wednesday, december 5th, 2012, and "squawk box" begins right now.
CNBC
Dec 7, 2012 1:00pm EST
america confronts the fiscal cliff. house speaker boehner coming out earlier today and saying no progress has been made in the negotiations. our chief washington correspondent john harwood is here with the latest. >> reporter: we ended the week with a fairly perfect, simple, clear, elegant expression of the partisan differences in this fight. speaker boehner came out and gave a press conference where he essentially said president obama has done nothing to compromise with republicans. here's the speaker. >> four days ago we offered a serious proposal based on testimony of president clinton's former chief of staff. since then there's been no counteroffer from the white house. instead, reports indicate that the president has adopted a deliberate strategy to slow-walk our economy right to the edge of the fiscal cliff. >> reporter: not surprisingly, democratic house leader nancy pelosi had precisely the opposite explanation for what is behind this stalemate. she says republicans simply echoing the white house are going to have to buckle on the issue of the top rates. >> the only obstacle standing in the way of middle income tax rel
CNBC
Dec 13, 2012 3:00pm EST
thinking towards the fiscal cliff negotiations. they have said, threw down the gauntlet, we're going to be here. the global u.s., the economy is of the fed, by the fed, for the fed. we have now $65 trillion worth of global assets tied up at zero interest economies. what's that doing for economies? they are looking for yield, junk bond issuance at its highest level ever by allotted, so you're seeing -- that's where this trade is going to keep going. investors setting themselves up for a lot of trouble. the third thing is now basically investors are at sea. what do you do? i'll tell you a very telling story. bank of america 2013 outlook. they are super bullish and hung a 1600 on the s&p next year and said the biggest downside risk improvement in the u.s. economy because that might get the fed to scale back. that's how you show how dependant we are and what little confidence they have of what's going on in washington. >> does that mean if we get a deal any time soon out of washington that the market rallies and the volatility ends, or what are you expecting? >> i think the volatility will
CNBC
Dec 7, 2012 4:00pm EST
hurt the housing market? >> it will have an impact. as they negotiate this fiscal cliff one of the things that is going to be on the table is the mortgage deduction. why? only 26% of filers actually claim the mortgage deduction so it may play well with lawmakers because they might figure it is not that big of a chunk. however, it can have a big impact. i think it is vital for first time home buyers. i hope they keep it in place. it is probably a better idea to take a look at it and say if we want to do something with it maybe sunset it after five years. >> you think a lot of people take that into account in terms of affordablity? >> yes they do. the mortgage deduction is an important way for people to reconcile what this would be compared to a rent. you can increase your dependents and get that difference every week within your paycheck. you don't have to wait until the end of the year to get a return. you can get it right away. >> what does it say about this market when we have record low mortgage rates. financing has never been cheaper for many parts of the economy? yet here you
CNBC
Dec 13, 2012 4:00am EST
it by fiscal negotiations? >> good morning, kelly. el are, the fiscal cliff negotiations have been discounted by the market. and there seems to away great deal of optimism in the market that congress will come to a deal. so the outlook for 2013 is actually quite good, particularly after the fed's speech yesterday, the chairman's speech about holding interest rates very low until mid 2013. tying them into the unemployment rates and low inflation. really, it looks like equities are a good place to be because we're in a situation of financial repression where interest rates are going to be held low for at least another three years. >> kevin, let's talk a little bit about that fomc meeting. what's the market response to this idea of tieing the fed's response to the unemployment rate and inflation? >> well, a couple of quick moves because that the curve steepened. and, in fact, bond investors exited the market rather aggressively after a long holding period. so i think that overall, ta kind of structure will work well in 2013. but in the near term, the initial reaction on that change ba
CNBC
Dec 5, 2012 9:00am EST
president to lead. >> as fiscal cliff negotiations and debate continues, i think it's important to remember that washington doesn't have a revenue problem. it has a spending problem. under this administration under president obama we have seen record deficits and a record debt accumulate and yet he keeps demanding that we raise taxes -- >> those are some of the republican leadership in the house as you can see responding to the white house's response to their counteroffer of a couple days ago as a reminder the president is going to speak to the business roundtable at 10:50 this morning. we think he'll take some questions even as gop leadership is meeting with small businesses as negotiations or lack thereof over the fiscal cliff continue. >> did you see that the nbc white house team is reporting the belief that perhaps the republicans don't have the fight in them anymore to really dig in now on the concessions on the way which is good news if you don't want to go over the fiscal cliff but they are dispelling the real argument for later on. >> fuel line inspections being ordered for
CNBC
Dec 5, 2012 6:00am EST
. >>> tomorrow on "squawk box," negotiating a deal on the fiscal cliff. we'll talk about possible paths to a compromise with our guest host former treasury secretary larry summers. >>> plus, the ceo of caterpillar will give us the business perspective on the deficit disaster. you can't afford to miss "squawk box" tomorrow starting at 6:00 a.m. eastern. if you think running a restaurant is hard, try running four. fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan. tdd#: 1-800-345-2550 with the new global account from schwab, tdd#: 1-800-345-2550 i hunt down opportunities around the world tdd#: 1-800-345-2550 as if i'm right there. tdd#: 1-800-345-2550 and i'm in total c
CNBC
Dec 11, 2012 2:00pm EST
take profits. fiscal cliff, that means awe sisterity. speaker of the house, john boehner said we're still negotiating. he specifically said where is the president on spending cuts, basically threw it back in their court. came off the highs. terms of sectors moving, nice move up in a bunch of groups. semiconductors back, texas instruments had comments, drug index doing well. merck and most of those other big names. sanofi up. delta acquiring a 49% stake in virgin atlantic from singapore, consolidation going on. booking trends have been strong or airlines as well. defense look at this, dfx, historic high. what sequestration worries out there. bottom line, everything on the upside. one sector i want to point out, dollar stores. dollar general came out with an outlook a little below estimates, look, down 7%. all the other ones a downside. they cited tough comps coming up and there are. a challenging environment and a challenging competitive environment. even the dollars stores in a tough competitive environment. >> dollar stores say their margins could be hit in 2013, a story to watch out for. bob pisani, th
CNBC
Dec 11, 2012 4:00am EST
cliff or fiscal gentle slope or whatever it turns out to be to negotiate and c, because we haven't found our legs in the u.s. and we clearly have some global headwinds coming in 2013. however, the thing about this qe in the u.s., unlike previous ones where they could see big economic problems, let's comfort the market with a really big number, this time we're going to do it month by month. solo the annual figures look very big, they're going to halt qe as long as it looks like there's inflation. >> which means there might not be much market reaction as investors realize that. >>> find out what travelers are still flocking to the shores and how much of that money contributes to eugdp. be back in a few minutes. can i ? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on grou at fedex office. >>> these are the headlines from around the globe, bank stocks in europe down for a
CNBC
Dec 10, 2012 2:00pm EST
the markets ready to handle a fall off the face fiscal cliff? joining us, david, great to have you with us. >> thank you. >> hold on, thelma. hold on louise. can will markets handle it? >> i think we can handle it. it seems to me that washington has a way of doing business and washington will continue to change the way -- or continue to do business the way they have always done it. where is us and wall street, we have to change the way we do business. >> so you don't see a big crash in markets as a fall off the cliff. >> no. i see opportunities for people who are less patient. no, i see it all going down. >> where are your clients moving their money? what are you advising them to do, whether we get a deal or not? are there two completely different strategies? >> there is various things on a similar attitude. big is not always good. i think what we are doing is consolidating and moving towards a smaller environment. i think we have smaller investors who can deliver returns. >> what do you mean by that? types of funtds they are investing in. >> that's correct. i will see many profess
CNBC
Dec 13, 2012 1:00pm EST
darkened over the last 48 hours with regard to the fiscal cliff. do you agree with that? >> i don't know. but i do know we haven't made any progress. from time to time, we've heard encouraging words but then the next day when it is time to report out what happened, nothing has happened. it does not appear that there have been any changeets, any progress has been made. so, as is being said, a moment ago. members of congress are prepared to be here during christmas holidays if we have to. >> when members go home for the weekend, back to their district, many traveling at taxpayer expense during this kind of environment, the optics are not particularly good. does that resonate with you, congressman waters? >> well, no. as matter of fact, constituent are anxious to talk with us. they are always pleased to see us. they want an update. they want to know what is going on. of course dhe are encouraging us to bring this to a close. to reach some kind of agreement. but they don't mind us being home, if we're not doing anything. they want us there talking with them. and interacting with them. >> you
CNBC
Dec 10, 2012 9:00am EST
statement. >> let's talk about the fiscal cliff. also on the radar this morning, after president obama and house speaker john boehner both were tight-lipped how the negotiations went. the co-founder of the fix the debt campaign, he was asked about the chances of striking a deal to avoid the cliff. >> it's probably more like a 40% chance we'll actually get it done before the end of the year. probably 25% chance we'll get it done right after the end of the year. and then there's that horrible 35% chance that we'll still go over the cliff and have pure chaos. but i think the chances of getting it done now are better. i think that's what's key. >> be sure to tune in tomorrow for the fiscal cliff coverage live from washington. mission critical, rise above d.c., all day long. becky quick, jim cramer, maria bartiromo holding their feet to the fire about where they stand on the fiscal cliff and how they'll do their part to rise above partisan politics and reach a deal. now, there are some bowles comments. 40%, yeah, but the odds are much better. they're still 35% chance it will not happen. it's not exactly confidence building. >> not necessarily confidence building. alway
CNBC
Dec 7, 2012 6:00am EST
avoid the fiscal cliff by year end. 44% predict failure in the ongoing negotiations. >>> let's get back to the jobs report due out, in less than 30 minutes, joining us now is mark zandi, chief economist at moody's analytics and jared bernstein former economic adviser to vice president joe biden. he has the finest nod and smile when he's introduced of any of our guests, he's currently a senior fellow. do you practice in front of a mirror, jared? >> i'm just so happy to see you guys. >> it's totally natural the way it happened. >> this is what i like to do at 7:00 a.m. in the morning. it's 8:00 now. this is what i like to do at 8:00 a.m. in the morning. >> we're glad to have you. >> especially with mark "hurricane" zandi. >> i know. he's a boxer. the hurricane. >> the hurricane zandi. >> i got to work on my smile. i have no hair. i better get the smile right. >> you just mentioned jeffries moving up its dividends. d.r. horton is the latest. it's now saying its dividends for all of 2013 will be accelerated and paying 15 cents a share paying at the end of this year. >> the corporate sc
CNBC
Dec 10, 2012 3:00pm EST
expectation, bob? >> we put out a research saying the fiscal cliff was going to consume investors' attention until the year end and possibly the first quarter of 2013 if the negotiations get postponed temporarily. everybody debated the fiscal cliff as if it's an appropriations bill. really it's fiscal tightening. you have to ask yourself what's going to offset? policy makers from washington can get it wrong and tighten too much. the economy looks -- >> are they likely to tighten too much? is that palatable to do now? >> all the signals -- the debate is occurring in the public arena right now. looks like pure politics. we haven't seen a sound compromise solution yet be put on the table. but then again there's weeks to go. so you have to wait and see. >> we want to make some regards on deal or no deal. what would you advise we do right now? >> i can tell you the trend of what we're seeing here. it smells like a santa claus rally. i wouldn't be surprised to see this thing spike maybe 50 more points higher on the s&p. you know, one thing that might upset that would be if the fed came up with some sort of surprise they're going to stop printing money for all the bonds they're
CNBC
Dec 7, 2012 4:00am EST
" says this creates a ne crea breaks a near week long silence as the fiscal cliff looms. they promise to renew the negotiations. and are you earning $250,000, worried about having to pay more tax? you may be able to earn up to $300,000 and not have to hand over more cash to the irs. head to cnbc.com for more. and victor hugo's classic thofl about life, love and hitting the big screen. carolyn went to speak to the stars of the film to find out why the classic story still resonates. ♪ >> i think human truths are human truths and there's also a certain cycle to the world. >> just a look at the world and humanity, and we'll always be moved by a passion for fighting for what we believe in, we've always been moved by love. >> the power of redemption are all themes that transcend time. >> les mis has been performed 10,000 times and seen by 16 people worldwide. and now it's a major motion picture featuring hugh jackman and anne hathaway. so what does it take to transform wolverine and cat woman into the iconic characters. >> i wore contact lenses to get the redness in the eyes. i spent time in a prison here in london jus
CNBC
Dec 6, 2012 3:00pm EST
office. >>> we are now just 25 days and counting away from the fiscal cliff, but are we any closer to a deal than we were yesterday? eamon javers is in washington making a career out of this story. he's got the latest on the negotiations. >> hi, bill. the battle for public perception here in the fiscal cliff fight continues today. the president visiting a middle class family in northern virginia who he said would be hurt by tax increases if those come to pass at the end of this year. the president saying that republicans simply need to come to terms and a deal with him. take a listen to what the president had to say out in the living room of this family in northern virginia. >> i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. but i do remain optimistic that we can get something done that is good for families like this one and that is good for the american economy. >> so, bill, the president using the power of the bully pulpit there and image making. it's the power the president has to shift the debate here. republicans don't seem to have caved in just yet. we're going to have to see whether or not there's a deal. i think the most encouraging sign for those people who
CNBC
Dec 10, 2012 7:00pm EST
a fight on the fiscal cliff. another on the debt ceiling. it's destroying confident in the markets and what bothers me, larry, you know the subprime crisis hit like that. there was no warning. we could have another one like that. >> somebody has to control spending. i think the debt ceiling over a period of time is one way to do it. i'm sorry to you both. i have to get out of here. >> only roughly 800 billion apart. they can come together and solve it. >> i think the main tax -- >> for the good of the country. i'm probably not going to like the deal but that's probably what will happen. >> thank you so much. quick programming note. i will come to you life from our nation's capital tomorrow night as part of cnbc's special all day coverage. rise above, mission critical. now how do you like this scenario? the u.s. government using our tax money to build up an electric battery firm but after it fails the company sells out to a chinese outfit who takes advantage of our own taxpayer dollars. now producing for japan. there is something wrong with this picture. we'll have the details in a
CNBC
Dec 6, 2012 2:00pm EST
see it coming? >> yeah, i do. it feels like it. even if we get through this fiscal cliff thing, you know, the first quarter of next year we're probably going to hit the debt ceiling again. you know what they're going to do there. they're going to find another solution and probably run some more money up. well, you're watering things down. there's really -- in my estimation, there's only one way for gold to go. that's up. i don't think we're in a bubble. wro who knows. >> todd hoffman, in i'm ever in portland, i'll buy you a voodoo donut together and we can bicycle around portland. >> let's do it. hand in hand. >> there you go. take care, buddy. thanks for joining us. short break. we're back after this. [ male announcer ] this december, remember -- you can stay in and share something... ♪ ♪ ...or you can get out there with your friends and actually share something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. [ male announcer ] this is amy. amy likes to invest in the market. she also likes t
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